Franklin Resources Inc. Boosts Stock Position in Graco Inc. (NYSE:GGG)

Franklin Resources Inc. raised its stake in shares of Graco Inc. (NYSE:GGG) by 37.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 119,708 shares of the industrial products company’s stock after buying an additional 32,475 shares during the quarter. Franklin Resources Inc. owned about 0.07% of Graco worth $10,413,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of GGG. State Street Corp boosted its stake in Graco by 6.3% in the 3rd quarter. State Street Corp now owns 7,458,988 shares of the industrial products company’s stock worth $652,736,000 after purchasing an additional 443,141 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Graco by 4.8% during the third quarter. Geode Capital Management LLC now owns 4,152,292 shares of the industrial products company’s stock valued at $362,808,000 after acquiring an additional 188,579 shares in the last quarter. Principal Financial Group Inc. raised its holdings in Graco by 244.4% in the 3rd quarter. Principal Financial Group Inc. now owns 1,990,742 shares of the industrial products company’s stock worth $174,210,000 after acquiring an additional 1,412,704 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Graco by 5.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,732,600 shares of the industrial products company’s stock valued at $137,361,000 after acquiring an additional 91,794 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Graco by 4.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,111,152 shares of the industrial products company’s stock worth $97,237,000 after purchasing an additional 43,923 shares in the last quarter. 93.88% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on GGG shares. Royal Bank of Canada lowered their price target on Graco from $96.00 to $93.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. DA Davidson reaffirmed a “neutral” rating and set a $79.00 price target on shares of Graco in a report on Friday, September 27th. BNP Paribas raised shares of Graco from a “neutral” rating to an “outperform” rating and set a $105.00 price objective for the company in a report on Thursday. Finally, Robert W. Baird lowered their price objective on shares of Graco from $88.00 to $85.00 and set a “neutral” rating on the stock in a research report on Friday, October 25th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $92.40.

Insider Buying and Selling

In other news, insider David J. Thompson sold 3,216 shares of the firm’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $88.31, for a total value of $284,004.96. Following the transaction, the insider now owns 27,246 shares of the company’s stock, valued at $2,406,094.26. This trade represents a 10.56 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Caroline M. Chambers sold 8,280 shares of Graco stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $90.57, for a total value of $749,919.60. Following the transaction, the insider now directly owns 57,612 shares in the company, valued at approximately $5,217,918.84. The trade was a 12.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 31,098 shares of company stock valued at $2,776,150. 2.63% of the stock is owned by company insiders.

Graco Stock Down 0.0 %

Graco stock opened at $84.71 on Friday. Graco Inc. has a 52-week low of $77.49 and a 52-week high of $94.77. The company has a market cap of $14.30 billion, a P/E ratio of 29.93, a P/E/G ratio of 3.11 and a beta of 0.83. The business has a 50-day simple moving average of $87.18 and a two-hundred day simple moving average of $83.70.

Graco (NYSE:GGG) last announced its earnings results on Wednesday, October 23rd. The industrial products company reported $0.71 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.76 by ($0.05). Graco had a net margin of 22.87% and a return on equity of 21.24%. The business had revenue of $519.21 million for the quarter, compared to the consensus estimate of $538.19 million. During the same quarter last year, the firm posted $0.76 earnings per share. The business’s quarterly revenue was down 3.8% compared to the same quarter last year. Research analysts anticipate that Graco Inc. will post 2.89 EPS for the current fiscal year.

Graco Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 5th. Stockholders of record on Monday, January 20th will be paid a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 1.30%. This is a positive change from Graco’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Friday, January 17th. Graco’s dividend payout ratio is 38.87%.

Graco Company Profile

Graco Inc designs, manufactures, and markets systems and equipment used to move, measure, control, dispense, and spray fluid and powder materials worldwide. The Contractor segment offers sprayers to apply paint to walls and other structures; two-component proportioning systems that are used to spray polyurethane foam and polyurea coatings; and viscous coatings to roofs, as well as markings on roads, parking lots, athletic fields, and floors.